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The provisions are part of a bill [PDF 148 KB] referred to as the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (H.R. 3823).

According to a Ways and Means release, the hurricane-related tax relief would:

Allow deductions for personal casualty losses (instead requiring that the losses exceed the 10% of adjusted gross income threshold) for taxpayers who either itemize or do not itemize their deductions

Provide penalty-free access to retirement funds, and thus provide an exception to the 10% early withdrawal assessment; allow re-contributions of retirement plan withdrawals for home purchases cancelled because of the disasters; and provide flexibility for loans from retirement plans for qualified hurricane relief

Encourage charitable giving by suspending the limitations on the deduction for charitable contributions associated with qualified hurricane relief made before December 31, 2017

Provide employment relief, with a tax credit for 40% of wages (up to $6,000 per employee) paid by a disaster-affected employer to an employee from a core disaster area

The bill must pass both the House and Senate and be signed by the president for its provisions to become law.

The Joint Committee on Taxation on September 25, 2017, released a revenue estimate of the tax provisions in the bill. Read JCX-43-17

The JCT on September 26, 2017, released a revenue estimate of revenue provisions in Titles II and V of the bill. Read JCX-44-17

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